Foreign Trade Draws A Crowd

More People Than Expected Turned Out For An Information Meeting On Creating A Special Business-friendly Zone For Seminole County.

September 2, 1997|By Elaine Backhaus of The Sentinel Staff

SANFORD — Attendance was higher than expected at last week's symposium for business leaders to learn how a foreign trade zone would benefit their companies and economic development in Seminole County.

Nearly 60 people attended the conference Thursday at Seminole Community College. Others have expressed interest in including their companies in a proposed international trade zone, which would include Orlando Sanford Airport.

Airport marketing director Ray Wise and Max Willis, an international trade consultant who led the symposium, will meet in the next few weeks with business owners to discuss the advantages of being in a foreign trade zone.

If enough interest is shown, Wise said, the airport will designate the boundaries of the proposed zone and apply to the Foreign Trade Zones Board and the Department of Commerce in Washington, D.C. The application process will take a year or longer, he said.

An international trade zone benefits businesses by allowing taxes on imported goods to be reduced, deferred or eliminated. It also gives local companies a level playing field with their foreign counterparts, creates jobs and spurs economic development.

John Darsey, executive director of the Tampa Foreign Trade Zone, said businesses in a foreign trade zone pay tariffs after imported goods are reshipped into the United States. There is no duty if the goods are reshipped abroad.

The airport would be established as the trade center's main site. However, the boundaries of the zone could be expanded to subzones and include businesses involved in international trade.

Darsey suggested that import-export companies and those who import or export goods made with foreign components apply to be included in the zone.

Electronic-assembly operations and car manufacturers are among the most common types of businesses found in an international trade zone. Others include auto parts dealers or businesses that deal in other types of manufacturing ventures, electronics, chemicals, pharmaceuticals, sporting goods, photography equipment and film, ship repair yards, communications, steel, medical devices, food products and television parts.

Some of the companies represented at last week's symposium are involved in repackaging, electronics, manufacturing, decorating, cabinetmaking, baby crib construction, freight and contract fuelers.

Nationally, there are 365 foreign trade zones. Florida has 17 zones, including Orlando International Airport and Port Canaveral and Melbourne International Airport.